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Ethereum Price Prediction: The 61.8 Fib Level Will Prove Critical To Its Next moves

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ETH price prediction
ETH price prediction

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Ethereum has lost some of its price gains today, trading below $1.7k. Its trading volume is also down by over 20% today, contributing to its price dip. However, ETH is still ranked number 2 on the list of cryptocurrencies.

Ethereum is the pioneer network for smart contract technology and a developer hub. It also hosts NFT technology and interacts with other blockchains and tokens compliant with the ERC-20 standard.

Factors Affecting Ethereum Price 

Several factors could be behind ETH’s recent price behavior. Here are some notable events and trends that could be relevant.

Coinbase To Process ETH Unstaking Requests

Coinbase announced on Twitter that un-staking requests would be resolved 24 hours after the Shanghai-Capella upgrade goes live. However, they noted that the process might not be instant since the Ethereum network controls the process while they serve as a channel.

According to Coinbase, the exact time to unstake ETH tokens is still unclear. Coinbase rewards users with a 6.0 APY on staked ETH tokens. Also, LIDO, a staking platform, stated that withdrawals on their network would open by the middle of May and not immediately after the upgrade. This is to ensure the completion of on-chain audits for user safety.

Ethereum Account Abstraction Grants Open

Ethereum’s Foundation is still committed to helping its growing community of developers with financial incentives and more. The Foundation announced the launch of a grant to support the development and research on account abstraction and related infrastructure.

These account abstractions will free up the design space and enable a smoother experience. The focus is building standard user interfaces without compromising decentralization and combating censorship resistance.

Also, detailed instructions exist on the type of projects that will receive support from the foundation, with up to $300k made available. The Grant officially opened on February 27, 2023, and will run till March 31.

Grants and other innovative projects are efficient methods to give back to the community and promote the Ethereum brand. It will likely drive more developers to adopt the network, hoping to benefit.

Ethereum ZkEVM Upgrades 

Source: Twitter

Ethereum has continued to pursue more upgrades in 2023, with Optimistic Rollups and ZK-Rollups leading the way. Optimistic Rollups take computation and storage off-chain. Although transactions are executed on the roll-up outside Ethereum, the transaction data relays to the Ethereum Mainnet, where it is stored.

On Optimistic Rollups, the gas fees are lower since transactions combine as one large transaction. ZK-rollups also do off-chain data storage but back data up with cryptographic proof. The zero-knowledge (ZK) rollups do not seek to know the details of transactions.

These two upgrades seek to increase speed and reduce transaction costs on the Ethereum network which could encourage user adoption. 

Ethereum Price Prediction With Technical Indicators

Ethereum has retraced slightly today, losing some price gains in the last 24 hours.  It returned to the $1.7k price level on March 14 before the bears prevailed to force a retracement back to $1.6k. However, it is still trading above its 50-day and 200-day Simple Moving Averages (SMA), a bullish sentiment for the short and long term.

Ethereum Price Prediction: The 61.8 Fib Level Will Prove Critical To Its Next moves

ETH found support at the 61.8 Fibonacci level, which will be a pivot if it swings to the upside. This Fibonacci level has been held for the two previous days and acts as a psychological support level. The Relative Strength Index (RSI) indicator is at 56.54, showing price neutrality. It reflects hesitation among traders.

Ethereum’s support levels are $1,503.66, $1,560.09 and $1,606.72, and resistance levels $1,709.77, $1,766.20 and $1,812.83. ETH is under pressure from the bears. However, if it stays above the 61.8 fib level, a rally back to the $1.7k resistance level is possible.

Ethereum Long-Term Price Forecast By Experts 

Crypto experts have compiled ETH price predictions for 2023 and beyond based on technical analysis. 

Ethereum Price Prediction 2023

Changelly believes that Ethereum will trade at a minimum of $2095.21 and a maximum price of $2,469.43, with an average trading price of $2,157.61 expected. Business2 Community believes that Ethereum will attain $3,500 eventually in 2023. 

Ethereum price Prediction 2025

Coinpedia predicts that Ethereum will attain a maximum price of $4,616.77 in 2025. However, if there is a price crash due to regulations or other factors, ETH will trade at a minimum of $3,796.66 and an average of $3,966.59.

 Bitnation is more optimistic with their prediction of ETH, which will trade at a maximum of $6,333.88 in 2025 and a minimum of $5,333.80 with an average price of $5,833.84.

Note that altcoins are prone to volatility and can deviate from these predictions. A proper risk management strategy, combined with technical and fundamental analysis, is essential for traders and investors.

Ethereum Alternatives That Will Reward Investors 

While Ethereum slows in the market today, some exciting altcoin presales are ongoing and will reward investors.

Metropoly (METRO)

Metropoly is leading a real estate revolution powered by blockchain technology. Many investors are scrambling for the tokens since it offers users access to fractional real estate ownership. This platform has lowered the barrier of entry for investors with a minimum deposit of $100 worth of METRO tokens enough to start the process.

METRO is an ERC-20 token with a supply capped at 1 billion tokens and is currently on presale for a limited period. The tokens are currently worth $0.0625. Almost $1 million presale, with each round ushering in a price increase. 

C+charge (CCHG)

C+ Charge is a platform that has created effective charging solutions for Electric Vehicle (EV) owners powered by blockchain technology. It has a mobile app providing analytics and health checks on electric vehicles. Also, it rewards users with carbon credits for a successful charge which is convertible to CCHG tokens.

The CCHG tokens drive the platform’s activities and are currently in the sixth presale stage out of eight. One CCHG token is currently worth $0.019 and will increase to $0.020 in the next stage of the presale.

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